Data as of Nov 4, 2026.
FLSP vs QAI: Correlation to the S&P 500
Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than QAI: correlation −0.13 against +0.89.
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Net assets: $1.2bn on Nov 3, 2026 for Franklin Systematic Style Premia ETF, and $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF.
FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.
QAI in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QAI −0.54%.
Pair scorecard
FLSP costs 0.16 points a year less; their one-year returns differ by 4.5 points.
| Measure | FLSP | QAI |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | +7.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.65% | 0.81% |
| Net assets, FLSP as of Nov 3, 2026 and QAI as of Jul 31, 2026 | $1.2bn | $1.0bn |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.06: about 0.06% for each 1% | +0.45: about 0.45% for each 1% |
| Its average week when the S&P 500 fell | rose 0.23% | fell 0.54% |
Risk and return
Jan 3, 2020 to Oct 30, 2026 · 356 weekly returnsFrom Jan 2020 to Oct 2026, FLSP returned more: +36.2% to +29.5%. QAI swung less: 7.2% to 8.1%. QAI fell less at its worst: −14.9% to −18.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FLSP | QAI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +36.2% | +29.5% | FLSP | Price change plus distributions, reinvested. |
| Annualized | +4.6% | +3.9% | FLSP | Total return as a yearly rate. |
| Price return | +15.8% | +15.0% | FLSP (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.1% | 7.2% | QAI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.7% | 5.3% | QAI (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.8% | −14.9% | QAI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.23 | 0.15 | FLSP | Return above Treasury bills per unit of volatility. |
| Sortino | 0.33 | 0.21 | FLSP | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.25 | 0.26 | QAI (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 356 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FLSP | QAI | FLSP | QAI |
| 3 months | +3.1% | −2.0% | not measured | −1.7 pts vs IWV |
| 6 months | +8.4% | −1.3% | not measured | −6.2 pts vs IWV |
| 1 year | +12.2% | +7.7% | not measured | −7.1 pts vs IWV |
| 3 years | +36.4% | +28.1% | not measured | −52.9 pts vs IWV |
| Since launchNot the same days: FLSP Dec 2019 · QAI Mar 2009 | +37.8% | +79.4% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FLSP and QAI both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and QAI’s +0.89. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and QAI −0.54%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and QAI finished 3.5 points ahead of cash.
Client brief:
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FLSP
FLSP is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.13 with the S&P 500’s and a beta of −0.06, so for each 1% the index moved it moved about 0.06% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FLSP rose 0.23% on average, a down-week capture of −21.2%. Over the same 52 weeks FLSP returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
QAI
QAI is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.89 with the S&P 500’s and a beta of +0.45, so for each 1% the index moved it moved about 0.45% the same way. In the same weeks QAI fell 0.54% on average, a down-week capture of 50.9%. Over the same 52 weeks QAI returned +7.1% and a Treasury bill fund +3.7%, so it finished 3.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or QAI?
- Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and QAI’s +0.89, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or QAI?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and QAI −0.54%, so FLSP returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FLSP against QAI, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-qai
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